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E-mobility investments eat into BMW's profit

German carmaker BMW has fallen short of analysts' expectations as massive spending on future technologies has weighed on quarterly earnings. The company said it would not deviate from its long-term strategy.

The Munich-based automaker reported Tuesday its net earnings shrank by 1.8 percent in the third quarter year on year to €1.8 billion ($2.1 billion), well short of investors' expectations.

Between July and September, operating or underlying profit also fell by 3.2 percent, while revenues were up 0.3 percent at €23.4 billion.

The quarterly results that were disappointing to many came as the BMW Group was "investing substantially in tomorrow's mobility," as CEO Harald Krüger put it.